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China COVID resurgence weighs down global commodities market

Hope for economic recovery wanes as Beijing signals continued pandemic curbs

An employee works at an electric cable factory in Baoying, Jiangsu province.   © Reuters

TOKYO -- Global commodities prices face mounting downward pressure as China doubles down on zero-COVID restrictions in response to a renewed spread of the coronavirus.

Iron ore futures fell to about $79 per tonne on the Singapore Exchange on Nov. 1, down 15% from a month earlier. They have since recovered somewhat but remains sluggish. In Shanghai, hot-rolled coil steel futures have fallen below 3,500 yuan ($483) per tonne for the first time since May 2020.

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